Send and receive side control of money transfer parameters

ABSTRACT

A computer system in a money transfer transaction. A request is received from a sender on a send computer to send a money transfer having a send amount. The sender is prompted on the send computer to select one or more parameters associated with the money transfer, the one or more parameters comprising money transfer receiver information including a receiver location. Money transfer fees associated with the money transfer are analyzed for a plurality of receive locations proximate the receiver location based on the selected one or more parameters. A receive location offering a lowest money transfer fee is selected from the plurality of receive locations. The send amount and fee for the selected receive location are collected from the sender. Information related to the money transfer is then stored, including the selected one or more parameters and the receive location, in a money transfer server.

CROSS-REFERENCE TO RELATED APPLICATION

This application is a division of U.S. patent application Ser. No.13/453,347, filed Apr. 23, 2012, entitled SEND AND RECEIVE SIDE CONTROLOF MONEY TRANSFER PARAMETERS, which application is incorporated hereinby reference in its entirety and for all purposes.

TECHNICAL FIELD

The present invention relates to computer systems for money transfers.More particularly, the present invention relates to systems and methodsfor providing money transfer senders and receivers the ability tocontrol and modify parameters associated with the money transfer.

BACKGROUND

A number of businesses offer money transfer and other services through anetwork of agents. A customer that desires to use these services totransfer money to a third party can take the money to an agent of themoney transfer service. The agent accepts the money, obtains necessaryinformation such as the customer's identity and the identity of thereceiver, and initiates a transaction. The money transfer options orparameters that are selectable by the sender are limited to the amountof the money transfer, the location of receipt of the money transfer,and the recipient of the money transfer.

After processing, the money transfer is then made available to thereceiver at another location operated by the money transfer service. Thereceiver can retrieve at the money transfer by going to the location andproviding personal information and money transfer confirmation number tothe receiving agent at the receive location. When the informationprovided by the recipient has been verified, the receiving agent thendistributes the money to the receiver based on the money transferamount. However, the parameters of the money transfer are set by thesender, and the receiver has limited ability to modify the moneytransfer parameters to meet personal requirements and conveniences.

SUMMARY

In one aspect, the present disclosure relates to a method for operatinga computer system in a money transfer transaction. A request is receivedfrom a sender on a send computer to send a money transfer having a sendamount. The sender is prompted on the send computer to select one ormore parameters associated with the money transfer, the one or moreparameters comprising money transfer receiver information including areceiver location. Money transfer fees associated with the moneytransfer are analyzed for a plurality of receive locations proximate thereceiver location based on the selected one or more parameters. Areceive location offering a lowest money transfer fee is selected fromthe plurality of receive locations. The send amount and fee for theselected receive location are collected from the sender. Informationrelated to the money transfer is then stored, including the selected oneor more parameters and the receive location, in a money transfer server.

In another aspect, the present disclosure relates to a system forgenerating and processing a money transfer transaction. A send computeris configured to receive a request from a sender to send a moneytransfer having a send amount. The send computer is also configured toprompt the sender on the send computer to select one or more parametersassociated with the money transfer, the one or more parameterscomprising money transfer receiver information including a receiverlocation. The send computer is configured to analyze money transfer feesassociated with the money transfer for a plurality of receive locationsproximate the receiver location based on the selected one or moreparameters. The send computer is further configured to select a receivelocation from the plurality of receive locations offering a lowest moneytransfer fee. The system further includes a money transfer serverincluding a memory configured to store information related to the moneytransfer including the selected one or more parameters in a moneytransfer server.

In a further aspect, the present disclosure relates to a method foroperating a computer system in a money transfer transaction. Informationrelated to a money transfer transaction including a send amount and oneor more selectable parameters is generated by a sender on a sendcomputer at a first location and stored. The money transfer transactionis processed at a second location remote from the first location.Particularly, the sender is prompted on the send computer to select oneor more parameters associated with the money transfer, the one or moreparameters comprising money transfer receiver information including areceiver location. Money transfer fees associated with the moneytransfer are then analyzed for a plurality of receive locationsproximate the receiver location based on the selected one or moreparameters. A receive location offering a lowest money transfer fee isselected from the plurality of receive locations. The send amount andfee for the selected receive location are collected from the sender.Funds are then released to the receiver in the send amount in accordancewith the selected or modified one or more parameters.

While multiple embodiments are disclosed, still other embodiments of thepresent invention will become apparent to those skilled in the art fromthe following detailed description, which shows and describesillustrative embodiments of the invention. Accordingly, the drawings anddetailed description are to be regarded as illustrative in nature andnot restrictive.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a block diagram of an embodiment of a system that allowscontrol and modification of money transfer parameters by the moneytransfer sender and/or receiver.

FIG. 2 is a flow diagram of an embodiment of providing money transfersenders and receivers the ability to control and modify parametersassociated with the money transfer.

FIG. 3 is a flow diagram of an embodiment of providing money transfersenders and receivers the ability to control and modify parametersassociated with the money transfer and calculating an updated fee basedon selected or modified parameters.

While the invention is amenable to various modifications and alternativeforms, specific embodiments have been shown by way of example in thedrawings and are described in detail below. The intention, however, isnot to limit the invention to the particular embodiments described. Onthe contrary, the invention is intended to cover all modifications,equivalents, and alternatives falling within the scope of the inventionas defined by the appended claims.

DETAILED DESCRIPTION

FIG. 1 is a block diagram of an embodiment of a system 10 for sendingand receiving money transfers. System 10 includes a send computer 12 ata send location 14 and a receive computer 16 at a receive location 18.The send computer 12 and the receive computer 16 communicate with acentral server 20, for example via a communication network such as theinternet. In some embodiments, a sender interface 22 is connected to thesend computer 12, and a receiver interface 24 is connected to thereceive computer 16. The system 10 facilitates the sending of moneytransfers through the send computer 12, and the receipt of the moneytransfer through the receive computer 16.

The send location 14 may be a facility that is approved by a financialservices organization to send purchase requests for money transfers tothe server 20. The send location 14 may be a store or dedicated locationthat provides redemption services for money transfers. Alternatively,the send location 14 may access a computer remotely, such as via atelephone call or the internet. The send computer 12 is operated by anagent at the approved send location 14. The send computer 12 may includesoftware that facilitates entry of information to request sending themoney transfer for subsequent transmission to the server 20 forapproval. The agent at the send location 14 may also review purchaseridentification and accept funds from the sender of the money transfer.In some embodiments, the agent accepts funds on behalf of the financialservices organization. The send location 14 may also include a telephone(not shown) or other voice communications device to contact thefinancial services organization if questions arise during the moneytransfer request process. While a single send location 14 is shown inFIG. 1, in actual implementation, the system 10 includes a plurality ofsend locations 14 that each includes a send computer 12 thatcommunicates with the server 20.

In alternative embodiments, the send computer 12 may be any computerconfigured to provide information to the server 20 via a secure internetor server connection. For example, the send computer 12 may be a homecomputer, kiosk, or other interactive device. The send computer 12 mayinclude a web browser or other application that provides a userinterface to enter information to send a money transfer. The web browsermay allow for entry of sender identification information and senderaccount information, the latter of which authorizes withdrawal of fundsfrom an account with a financial institution to fund the money transfer.As another example, the send computer 12 may be configured to receivemoney transfer send information from the sender via telephone orinteractive voice recognition systems. As a further example, a telephoneat the send location 14 may be used to contact a call center (not shown)to initiate a send request to the server 20. The send computer 12 mayalso be located remotely from the send location 14.

The receive location 18 may be an institution that is approved by thefinancial services organization to receive money transfers for thebenefit of a receiver associated with the institution and issue funds tothe money transfer receivers. As discussed above, the receive location18 may be institutions such as a correctional facility, custodial carefacility, a court, or a school. The receive computer 16 at the receivelocation 18 may be operated by an approved employee of the institutionusing the receiver interface 24. The receive computer 18 may includesoftware that facilitates retrieval of information about money transferssent to the institution for the benefit of receivers associated with theinstitution. The employee operating the receive computer 16 at thereceive location 18 may also, in some cases, review the informationassociated with the money transfer, such as the amount and purpose ofthe money transfer funds. If approved, the employee issues funds to themoney transfer receiver's account at the institution. The receivelocation 18 may also include a telephone or other voice communicationsdevice to contact the financial services organization if questions ariseduring the money transfer receipt process. The receive computer 16 mayalternatively be located remotely from the receive location 18. While asingle receive location 18 is shown in FIG. 1, in actual implementation,the system 10 includes a plurality of receive locations 18 that eachincludes a receive computer 16 that communicates with the server 20.

The server 20 may be housed and/or operated by or on behalf of thefinancial services organization that, among other functions, approvesand coordinates send transactions of money transfers at the sendlocation 14 and receive transactions of money transfers at the receivelocation 18. The server 20 facilitates approval of send requests fromthe send location 14 and receive requests from the receive location 18.In some embodiments, the server 20 is configured to process send andreceive requests automatically. In other embodiments, the server 20provides information to a user at the financial services organizationfor review and approval. For example, the server 20 may be connected toa computer 26 that provides an interface to a user at the financialservices organization to review and approve or deny money transfer sendor receive transactions. In some embodiments, the server 20 providescompliance functions for money transfer transaction. The server 20includes storage capabilities to store information from money transfersend transactions for later retrieval during the money transfer receiveapproval process. In addition, the server 20 may store other informationsuch as, for example, past customer money transfer send/receiveactivity, customer account information, and computer identification andlog-in information for the send computer 12 and receive computer 16.

As will be described in more detail herein, the system 10 facilitatescustomization of money transfer transactions by allowing the moneytransfer sender and/or receiver to select or modify parametersassociated with the money transfer. The ability of the sender and/orreceiver to select or modify parameters allows for processing of a moneytransfer that is tailored to the specific needs and conveniences of thesender and/or receiver. In addition, the financial services organizationcan use the customization feature to give the sender or receivermultiple pricing options for a money transfer transaction providediscounted fees for using identified or promoted services.

FIG. 2 is a flow diagram of an embodiment of providing money transfersenders and receivers the ability to control and modify parametersassociated with the money transfer. In step 50, the financial servicesorganization receives a request from a money transfer sender to send amoney transfer. For example, the sender may enter a send location 14 andwork with an agent at the send location 14 to set up a money transfer.To set up the transaction, the sender may provide information to theagent such as the sender's identification, the money transactionreceiver's identification, the amount of the money transfer, and thelocation and channel through which the receiver can retrieve the moneytransfer. The agent may enter the information on the send computer 12.Alternatively, the sender may provide the information on the sendcomputer 12 via the sender interface 22.

After setting up the money transfer, in step 52, the sender is promptedvia the send computer 12 to select one or more parameters associatedwith the money transfer transaction. The selectable parameters mayinclude, for example, the channel of initiation or completion of themoney transfer, service type, send or receive location, price, foreignexchange rates, and/or commission. The selectable parameters may alsoinclude delivery options including information about how the moneytransfer is distributed upon redemption (e.g., cash, account, debitcard, bill pay, etc.). The selectable parameters may be presented to thesender, for example, based on the sender's preferences or needs or basedon services, agents, or products that that the financial servicesorganization wishes to promote.

For example, in some embodiments, the server 20 maintains a database ofuser profiles, including information about past money transfertransactions and preferences. When a sender prepares a money transfer onthe send computer 12, the send computer 12 may access the sender's userprofile and suggest money transfer parameters (e.g., receiver, receivelocation, etc.) for selection based on the sender's money transferhistory. This allows the sender to quickly select parameters for themoney transfer, particularly if the sender frequently send moneytransfers to particular parties or receive locations.

As another example, the sender may indicate to the send computer 12 oragent that the sender wishes to send a money transfer at a minimum cost.The send computer 12 may then determine whether certain parameters canbe selected to reduce the fee (including, for example, price, foreignexchange rate, and commission) associated with the money transfer. Thesend computer 12 may, for example, provide a list of alternative receivelocations, delivery options (e.g., cash, card, financial institutionaccounts, etc.), and service types (e.g., speed of delivery, currency,etc.) that have varying fees associated with them to allow the sender toselect the combination of parameters that meets the sender's costsensitivities and preferences for the money transfer transaction.

In some embodiments, the send computer 12 is configured to use thereceiver information provided by the sender on the send computer 12 todetermine receive location(s) near the receiver that require the lowestfee to send the money transfer. For example, the send computer 12 maycontact the server 20 after the sender provides the receiver's locationinformation (e.g., home address, city, etc.). The server 20 thenanalyzes stored information relating to the fees (e.g., price, foreignexchange rate, commission) for locations in the vicinity of thereceiver's location. In some embodiments, the server 20 is programmedwith a distance range from the receiver location within which to search(e.g., 20 miles). In other embodiments, the sender is prompted on thesend computer 12 to provide the distance range within which to search.The server 20 may then provide to the send computer 12 the feeassociated with sending the money transfer for all locations within thedistance range. In some embodiments, the locations are listed on thesend computer 12 in order of fee amounts (e.g., lowest fee to highestfee). The sender may then be prompted to select the desired receivelocation. In alternative embodiments, the receive location may beautomatically selected for the sender based on the lowest fee availableto send the money transfer within the distance range. In someembodiments, when the receive location is selected, the receiver isrequired to receive the money transfer at the location selected by thesender (or automatically selected). That is, the receiver may beprevented from opting for a different receive location and receiving orpaying the difference in associated fees. In alternative embodiments,the receiver may have the option to select a different receive locationand pay or receive the difference in fees from the fees paid by thesender.

As a further example, the financial services organization may promoteproducts, services, or agents by providing reduced fees for selectingparameters associated with the promoted products, services, or agents.For example, the send computer 12 may be configured to promote aparticular product or service by providing the sender with an option toselect the promoted product or service after the sender has selected asimilar product or service that is not being promoted. As anotherexample, the send computer 12 may be configured to promote a particularreceive location or agent by providing the sender an option to select apromoted location or agent after selecting a location or agent that isnot being promoted. The list of promoted agents or locations may belimited to those that are geographically proximate to the originallyselected agent or location.

In some embodiments, the sender can also limit the parameters that maybe selected or modified after the money transfer is sent. For example,the sender may prevent the receiver from selecting or modifyingparameters that will change the method of delivery, receive location, orthe way the funds are distributed upon redemption. As another example,the sender may prevent or limit the ability to modify or selectparameters after the money transfer is sent, but before the receiver hasredeemed the money transfer.

When the sender has selected the one or more parameters as desired, thesend computer 12 may calculate fees associated with the selectedparameters. The sender may then pay the amount to be sent with the moneytransfer and the calculated fees to complete the send transaction.Information related to the money transfer, including the send amount andthe selected parameters, are then sent to the server 20.

In alternative embodiments, steps 50 and 52 are performed on a sendcomputer 12 remote from the send location 14. In these embodiments, thesender may use any computer or device configured to provide informationto the server 20 via a secure internet or server connection. Forexample, the send computer 12 may be a home computer, kiosk, smartphone, point of sale, or other interactive device. The send computer 12may use various means to communicate with the server 20, including amobile device application, email, mail, text messages, orvoice/telephone interaction. The send computer 12 may include a webbrowser or other application that provides a user interface to enterinformation to send a money transfer. The web browser may allow forentry of sender identification information and sender accountinformation, the latter of which authorizes withdrawal of funds from anaccount with a financial institution to fund the money transfer. Thesender may alternatively send the money transfer using a telephone,interacting with a live agent or with an interactive voice recognitionsystem.

After setting up the transaction remotely from the send location 14, theuser may enter a send location 14 to complete the money transfer sendtransaction by paying the send amount and any fees associated with themoney transfer. When the sender is at the send location 14, the agent(or send computer 12) may provide the sender with the option to selector modify the parameters associated with the money transfer. Forexample, if the sender can send the money transfer with reduced fees bymodifying certain selected parameters (e.g., receive location, method ofdelivery), the agent or send computer 12 may provide the sender with theoption to update the selected parameters to reduce the fees associatedwith sending the money transfer. After the sender selects the preferredparameters, the fees associated with the transaction are calculated, andthe sender pays the send amount and fees to complete the transaction.

In some embodiments, after sending the money transfer transaction, thesender receives a reference number or other money transfer identifyinginformation. The sender may then provide the reference number to thereceiver for redeeming the money transfer at the receive location 18.Alternatively, the sender may provide receiver contact information(e.g., telephone number, email address, mailing address, etc.) whensetting up the money transfer, which may be used be the financialservices organization to provide the reference number to the receiverdirectly (e.g., via the server 20 or server computer 26).

In step 56, the server 20 receives the information associated with themoney transfer, including the sender and receiver identificationinformation, the send amount, and the parameters selected by the sender.In some embodiments, the server 20 stores the money transfer informationin a systemic state in which the parameters associated with the moneytransfer can be altered prior to the time of receive. For example, thesender may alter the delivery options, receive location, service type,and so on by accessing the money transfer transaction via the sendcomputer 12. The money transfer information including the modifiedparameters is then stored in the server 20.

In step 58, the receiver provides identification information for themoney transfer on the receive computer 16, located at a receive location18 or remotely from the receive location 18, to initiate the receivetransaction. For example, in embodiments in which the receiver isprovided a confirmation number, the receiver may enter the confirmationnumber on the receive computer 16. The receiver may also be prompted toprovide other information about the money transfer, including receiveridentification information. The receive computer 16 communicates withthe server 20 to verify the provided money transfer identificationinformation. Upon verification, the receive computer 16 retrieves themoney transfer information from the server 20.

In step 60, the receiver is then prompted on the receive computer 16 toselect or modify the one or more parameters associated with the moneytransfer. The parameters selectable or modifiable by the receiver mayinclude the same parameters presented to the sender for selection, ormay include additional parameters that are specific to the receiver. Forexample, the receiver may have the option to modify the delivery option,service type, and/or the location or channel of the transactionpreviously selected by the sender. The receiver may select or modify theparameters on receive computer 16 at the receive location 18 at the timeof redemption of the money transfer.

The receiver may also select or modify the parameters via a receivecomputer 16 located remotely from the receive location 18 prior tocompleting the money transfer transaction at the receive location 18.The receive computer 16 may be any computer or device configured toprovide information to the server 20 via a secure internet or serverconnection. For example, the receive computer 16 may be a home computer,kiosk, smart phone, point of sale, or other interactive device. Thereceive computer 16 may use various means to communicate with the server20, including a mobile device application, email, mail, text messages,or voice/telephone interaction.

In one exemplary use, the receiver may use the receive computer 16 todivide the money transfer into multiple transactions such that the sentamount is distributed among a plurality of recipients. For example, thereceiver may opt to divide the money transfer into portions distributedto different financial institution accounts, to bill pay recipients, toother individuals, to charities, to receiver, and so on. In someembodiments, the sender may have the option to limit or preventmodification of the money transfer recipients, and the receive computer16 would limit the receiver's ability to modify this parameteraccordingly.

When the receiver has selected or modified the money transfer parametersto the receiver's preferences, then, in step 62, the funds may bereleased to the receiver at the receive location 18 in compliance withthe selected or modified money transfer parameters. For example, if thesender or receiver has opted to release the funds to the receiver in theform of a debit card, the receive location 18 provides the receiver withdebit card with the send amount loaded onto it. As another example, ifthe sender or receiver has identified multiple recipients for the moneytransfer, the receive location 18 and/or server 20 distributes the sendamount in accordance with the selected delivery parameters.

In some cases, the parameters selected or modified by the receiver canresult in a change in the fees due for the money transfer transaction.For example, the parameters selected may result in a reduction orincrease in the price of the transaction, the commission due, and/or theforeign exchange fee for the transaction. FIG. 3 is a flow diagram of anvariation on the method described with regard to FIG. 2, taking intoaccount the possibility of a change in fees due for a transaction.

Steps 58 and 60 in FIG. 3 are substantially the same as steps 58 and 60described above in FIG. 2. In this embodiment, rather than releasing thefunds after the receiver selects or modifies the money transferparameters, the server 20 and/or receive computer 16 determines whetherthe receiver has selected or modified any parameters that may affect thefees for the money transfer transaction (decision step 70). If theserver 20 and/or receive computer 16 determine that the selected ormodified parameters do not affect the fees for the money transfertransaction (or if no parameters are selected or modified by thereceiver), then, in step 72, the system 10 releases funds to thereceiver in compliance with the money transfer parameters (similar tostep 62 discussed above).

If, in decision step 70, the server 20 and/or receive computer 16determine that the parameters selected or modified by the receiverchange the fees due for the money transfer transaction, then, in step74, the receive computer 16 recalculates the fee associated with themoney transfer based on the parameters as updated by the receiver. Forexample, if the receiver modifies the speed at which the money transferis available to make the money transfer available sooner, the fee forthe transaction may increase. As another example, if the receiverupdates the parameters to select a promoted product, service, agent, orlocation, the money transfer fees may decrease.

In step 76, the amount sent in the money transfer is adjusted by adifference between the recalculated fee and the fee collected from thesender. For example, if the parameters selected or modified by thereceiver results in a decrease in the fees due for the money transfer,the difference between the fee collected from the sender and therecalculated fee is added to the send amount in the money transfer. Asanother example, if the parameters selected or modified by the receiverresults in an increase in the fees due for the money transfer, theadditional fees are deducted from the sent amount. Alternatively, thesystem 10 may be configured contact the sender, either automatically orin response to a request by the receiver, to pay the difference in feesdue for the transaction.

When the send amount has been adjusted pursuant to the increase ordecrease in fees, then, in step 72, the funds may be released to thereceiver at the receive location 18 in compliance with the selected ormodified money transfer parameters (similar to step 62 discussed above).

Various modifications and additions can be made to the exemplaryembodiments discussed without departing from the scope of the presentinvention. For example, while the embodiments described above refer toparticular features, the scope of this invention also includesembodiments having different combinations of features and embodimentsthat do not include all of the above described features.

The following is claimed:
 1. A system for generating and processing amoney transfer transaction, the system comprising: a send computerconfigured to: receive a request from a sender to send a money transferhaving a send amount; prompt the sender on the send computer to selectone or more parameters associated with the money transfer, each of theone or more parameters comprising receiver information concerning themoney transfer, the one or more parameters including a receiverlocation; analyze money transfer fees associated with the money transferfor a plurality of receive locations proximate the receiver locationbased on the selected one or more parameters; and select a receivelocation from the plurality of receive locations offering a lowest moneytransfer fee; and a money transfer server including a memory configuredto store information related to the money transfer including theselected one or more parameters in a money transfer server.
 2. Themethod of claim 1, wherein the send computer is further configured toallow the sender to set the one or more parameters that are selectableor modifiable by the receiver.
 3. The system of claim 1, and furthercomprising a receive computer configured to: receive money transferidentification information from a receiver; verify the money transferidentification information; retrieve the information related to themoney transfer upon verification of the money transfer identificationinformation; and prompt the receiver to select or modify the one or moreparameters associated with the money transfer.
 4. The system of claim 3,wherein the receive computer is further configured to: recalculate thefee associated with the money transfer based on the one or moreparameters selected or modified by the receiver; and adjust the sendamount of the money transfer by a difference between the recalculatedfee and the fee associated with the money transfer based on the one ormore parameters selected by the sender.
 5. The system of claim 4,wherein the receive computer is further configured to add the differencebetween the recalculated fee and the fee collected from the sender tothe send amount.
 6. The system of claim 1, wherein the receive computeris further configured to: allow the receiver to split the money transferinto multiple transactions with different recipients.
 7. The system ofclaim 6, wherein the receive computer is further configured to: allowthe receiver to select a delivery option for each of the multipletransactions.
 8. The system of claim 1, wherein the receive computer isfurther configured to calculate the fee as a function of the receivelocation selected.